Thread: Iraq/Dinar News. 09/05 to 01/14/07

Kuna site|Story page|Iraq calls for striking off debts still due to EU ...11/20/2006

Iraq calls for striking off debts still due to EU

ECO-EU-IRAQ Iraq calls for striking off debts still due to EUBRUSSELS, Nov 20 (KUNA) -- EU External Relations Commissioner Benita Ferrero-Waldner affirmed on Monday the importance of upgrading the EU-Iraqi trade and economic cooperation.Speaking to newsmen here after wrap up of the first session of trade and cooperation talks with conflict-torn Iraq, she said this allows cooperation shores up the EU commitment to help the Iraqi people and the new Iraqi government to enter the international fold.In turn EU Trade Commissioner Peter Mandelson who took part in the talks underlined the need for the Iraqis to believe that the EU stands firmly be their side.He singled out energy as a top field for cooperation between both sides and stressed that counting on this field would open wide horizons because it is a fertile area for European investments.Iraq's Deputy Premier Barham Saleh called on the EU to write off the 20 percent of the debts still due for payment by Iraq, noting that this was discussed with the European officials during last Paris Club meeting.Reminding, he said there was agreement to write off 80 percent of the debts due for payment by Iraq to the EU.He said the 20 percent still due end up in an extra load sustained by the Iraqi people who need help at this stage."Iraq is going through a tough transition and none of us wants to underestimate the difficulties and the challenges we face, the challenge of terrorism and extremism, but Iraq has nowhere to go but to succeed," Saleh told a joint press conference after the meeting.The three speakers agreed on the importance of Iraq's oil and gas reserves, but stressed that this was not the only focus of the planned accord.Iraq currently produces about 1.7 million barrels of oil per day.Saleh, who is also Iraq's trade minister, said he hoped that the figure would at least double by 2010.The EU plans for a new deal with Iraq runs alongside a five-year UN-backed strategy, known as the International Compact, aimed at reviving the war-torn nation's economy and integrating it into the global economy.Since 2003, the European Commission has contributed USD 923 million for the reconstruction of Iraq, with concern on assisting the Iraqi people in accessing basic services. (end) hg.mmKUNA 202327 Nov 06NNNN

Originally Posted by Mike5200

SGS- Do you think that this was one of the reval delays, because this part of the Iraqi debt was still out there and they were waiting for this meeting to clean it up?

Thanks
Mike

they probably had figured in these debts as taken care of now they can be taken from the list. im sure had some agreements on these but wanted signatures. yes i think the debt has played a part in the delays. besides that, they cant revalue until they make sure to get all these agreements for the debt relief tied up. they dont want to have countries renegging on them.

Isn't it amazing how the FIL and HCL has fallen under the radar all of a sudden? I almost dread good news lately because I know that the bad news follows close behind. I really don't understand why they haven't tried a reval yet to see if it helps the situation because nothing else has worked up until this point. And what about the 10k? That has been put on the back burner as well. Man, will someone get me off this merri-go-round, I feel like I could puke. Better yet, pass me the crown royal.

Originally Posted by whatever

I'm no economist, mind you. I look at it like this: CBI is selling off a ton of their currency. Now, whether it's 2 trillion or 5 trillion, at the end of this 'Walmart special' on dinar, what's really left? Less currency to go around. Well, that's great in the short term microeconomic picture (less dinar in circulation, ergo less inflation because there's just less script to go around). But that does nothing for creating jobs, fixing homes, providing education, safety, and overall, a higher standard of living, now does it? (BTW I love your thought provoking posts Wm Knowles). Tell me if I'm wrong here, but one reason why Iraq has been able to stave off total collapse is because alot of transactions are still done in DOLLARS!? How the hell long can THAT go on? Mr. Knowles, I hope what we're seeing here with the massive currency sell-a-thon isn't a plan to create a Lorenz curve (if I remember back to Econ 101 or was it 102? 25 years ago) whereby Iraq becomes a country of have's and have not's, and nobody in the middle? Because that is exactly where it will be headed unless the dinar is R/Vd to parity with neighboring countries such as Jordan, and their biggest export is a nitrate/phosphorus based fertilizer?? Nothing else makes sense to me in a country as oil laden as Iraq. And they don't have another 3 years to get it done either. The American people, who are basically funding this little reconstruction and seeing their standard of living decrease day by day, won't stand for it much longer. Then again, maybe that's a good thing.

this statement has been made more than once by the iraqi govt. can those who keep suggesting such a small revaluation of the dinar expand on how you perceive the neighboring countries being par with iraq will go? are the neighboring countries going to devalue to meet iraq?

Interesting update to silverstreaks rumor in the rumor thread...Check it out!!

Been away for about a week...had a fire in our home and have been without a computer for awhile. 1449 to the USD!!!!!!!!!! I have been doing this long enough to remember when we used to say " it would be great just to see some movement".....WELL IT'S MOVING NOW BABY!!!!!!!!!!!!!!!!


GETTING READY TO START COLLECTING MY INTEREST!!!!!!!!!!!

Sorry this article is so long but I thought there may be something that can gleaned from it if someone wanted to take the time to read it.

The economic event : facts table long table in Kurdistan. Table 3 : the Iraqi economy and the challenges of the future-R II
D. Bata Khalifa Hilal al-Kobaisi
* An economic expert at the Ministry of Planning and Development Cooperation
The family table long tables interact in the completion of its components between gathering of economic affairs specialists who gathered in Kurdistan with a similar collection of Tdrisie colleges administration, the economy and economic efficiencies involved in the region,

the components of the third meeting of the table, which has taken the theme of the (Iraqi economy and the challenges of the future) titles have had economic expert expatriate Dr. Kazem Habib had made the first research, Bata read Dr. Khalifa Hilal, an economist in the Ministry of Planning and Development Cooperation in the search, which is marked (the Iraqi economy and the challenges of the future), which stated
Chapter I
Structural imbalances : the domination of the oil sector against dwindling commodity other productive sectors
Despite Iraq's possession of the second largest oil reserves in the world and a vast reserve of gas, water and abundant long history of health care and education, besides being a state where all development indicators are grim and depressing, There is a mix of indicators is risky, low reliability and intensive oil and large numbers of young people are unemployed.
The main driver of the return to normalcy is the oil sector, which is a percentage (70%) of its gross national product and more than (98%) of exports and government revenues. Where is the activity of drilling and completion of wells and oil and gas extraction of the major activities of this sector, the main source of income for the country, where crude oil production reached (730) million barrels in 2004 at a daily rate of (2) million barrels, while the production of crude oil (342) million barrels in the first half of the 2005 rate (1.9) Hainan n barrels issued to (562) million barrels daily export rate (1.5) million barrels in 2004, (275) million barrels per day during the first half of 2005 on the export rate (1.4) million barrels. The provider of oil refineries and electricity was (161) million barrels in 2004 and (77) million barrels in the first half of 2005 amounted to the total value added achievements of the crude oil (30945.5) billion dinars and a contribution rate of (63.9%) of gross domestic product for 2004, The proportion to the importance of the role of this activity in the economic life of Iraq and the impact of this activity to other activities. If we have learned that crude oil exports accounted for (98%) of the total exports of Iraq in 2004 from here we can identify the role of the wealth in the economic relations with the outside world and their impact is clear in terms of the balance of trade items that Iraq's ability to import the rest to cover the balance of payments current vocabulary and because of a lack of other sources of revenue for the balance.
At the domestic level, a large proportion of the revenue the state budget (current and investment) depends on oil revenues, especially in 2003 and beyond is expected to continue during the coming years the situation where a proportion of oil revenues (97.8%) and (88%) during the years 2004 and 2005 revenues Weighted e Assembly respectively. This means that the state's ability to provide public services such as health, education, security and even their investment decisions depend to a large extent on the revenue oil wealth result of the weakness of other sources of income customs duties and taxes on income and wealth, and others.
That strong foundation for economic growth in an economy characterized by large abundance of natural resources (oil and gas), as in the above requires a diversified economy and for the following reasons : -
1- that this diversity of the economy will provide protection against natural phenomenon, He spoke of this phenomenon when the exploitation of natural resources such as oil, for example, increased exports to the rise in the value of the local currency, which makes national industry less competitive and as a result increase imports and lower exports of non-natural products.
2- known that the oil industry volatility Thus, the large price fluctuations that occur from time to time make the planning process difficult and could derail the growth of the Iraqi economy, the expectations placed on him. The transformation of the structure of the Iraqi economy by giving a greater role for the agricultural sector, which is exposed to courses different from those suffered by the oil sector will reduce the impact of shocks caused by oil on the Iraqi economy.
3- The diversification of income sources regard to unemployment, which is a major problem in Iraq. However, the dominant sector of the economy, which is characterized by the oil sector is capital-intensive and therefore the development of the agricultural and industrial transfer and characterized by the heavy work in most areas could assist in the creation of employment opportunities directly through agriculture, fishing and the supply chain associated with the processing of the product AT agricultural markets as well as through the posts provided by the agricultural industry.
This result confirms that the risk of dependence on one source of development, Accordingly, there is a consensus that Iraq needed to bring about shifts in the economic structure to diversify its sources of growth and income. This requires strategies and economic reforms to achieve the following : -
1- the transition from dependence on the oil sector to economic activities other commodity, by creating the complexity of these activities and the emphasis on the industries that depend on production requirements of local knowledge which can compete with the output of goods imported from abroad.
2- Creating competition between the public and private sectors to lead the economy of the sector that dominates and then head to the transition to a market economy.
3- Encourage export strategy to reduce the deficit in the trade balance towards the outside world.
The diversification of sources of growth and income through a policy of economic reform and, in particular, liberalization of foreign trade, The expansion of private investment and inclusive Alastthmarelagnbi where these factors play a key role in diversifying the sources of economic growth, which requires the expansion and liberalization of basic services such as transport and communications, financial services and infrastructure services, tourism, which is one of the key areas for the expansion of trade and j requests to find appropriate investment environment to stimulate private investment and the development of institutional changes and restructuring, which is the other key factor in the modernization and revitalization of the economic potential in the medium and long term.

Chapter II
Strategic outlook challenges faced by the Iraqi economy and the origins
There is a set of challenges stand in the way of the Iraqi economy is due mostly to the accumulation of errors and distortions, which in turn led to the identification of the structural imbalances and develop sound economic system and clearly defined, which cost Iraq the possibility of a far-reaching approved quote can be walk in the light of events in the advancement of economic, a limited Most treatments and economic policy mechanisms Fire progress without coming to the solution of existing information, but not resort to the deportation of problems from one phase to another later and so on, thus costing the country a possibility in the accumulation of what is good but limited accumulation on what is wrong, and therefore have been identified pain the wrong practices especially in the economic field, and the confusion is prevailing, they are in a short period of time to move from philosophy to another at the expense of emotions and political speculation as we saw in the farce nationalization in 1964 and auctions socialist communism after 1970 to implicate the State in the maze of the boundaries of the Iraqi economy can highlight these problems and dilemmas inherent including j me :
First : the political aspects include wars and the economic blockade :
The Iraqi economy faced many challenges in the past due to wars to the former regime by the comprehensive economic embargo imposed on Iraq for thirteen years by the United Nations then result : -
1- wrong policies adopted by the former regime regionally and internationally.
2- Two-central administration of the Iraqi economy, which led to poor orientation and the use of public funds.
3- pushing Iraq to three costly wars and keep it under siege, which deprived Iraq of the most important sources of oil revenues.
4- hostile acts, sabotage, theft and arson that followed the recent war has increased the damage to the Iraqi economy and prevented the recovery.
The reasons for this has created a heavy legacy represented by the following : -
1- Iraq's isolation both regionally and internationally.
2- burdening Iraq's enormous debts could not afford the Iraqi economy.
3- provoke a state of poverty so shifted the majority of its people to live below the poverty line.
4- destruction of vital infrastructure and public services.
5- shrinking role of the private sector.
6- hampered Iraqi banking system.
So now on Iraq to meet these challenges, especially concerted efforts of the international community and international institutions to enable it to move towards a better future : -
1- democratic institution-building.
2- ending political isolation imposed by the former regime after years of boycott and economic siege and enter Iraq again arena of international economic relations.
3- openness to the world economies.
4- a new financial responsibility.
Second : economic aspects :
As regards the economic aspects, which linked the political aspects of the above could identify the most influential economic guidance in the political side to the following : -
1- significant deterioration of the infrastructure is still the Iraqi economy suffers from this degradation.
2- marginalization of the role of the private sector.
3- considerable decline in economic growth rates.
4- considerable decline in the standard of living of the population.
5- Five-large rates of unemployment.
6- very high rates of inflation.
7- a considerable expansion in expenditure This perception is not with the volume of revenues, which led to a large gap was clearly disabled in the budget.
8- financial corruption and economic and administrative widely extended to all aspects of the economic waters in Iraq.
9- centralized system to create a comprehensive marginalized groups and broad sectors of society.
To meet these challenges and break the impasse surrounding the Iraqi economy requires a policy of comprehensive development and extensive reform process extends to many areas of economic and non-economic based on the number of procedures and some of them can be identified as follows : -
1- raising saving rates.
2- strengthening weakening sectoral especially the industrial sector with other sectors.
3- equity in the distribution of income for the poorest.
4- development of the banking sector.
5- expanding democratic participation of all segments of society.
6- to promote human development in a bid to raise the capacity of individuals and expand them options for real participation in various economic activities.
7- address structural imbalances suffered by the Iraqi economy through long attention commodity sectors.
8- attention to rural development (projects verbatim).
It can identify the most basic economic variables facing the stands in the march of the Iraqi economy and limiting its ability to grow and develop, especially as we know that the citizens faced and will face financial burdens, and new retirement was borne by the general budget of the state through the government to cancel the subsidy of some commodities, etc. Demat and the basic needs of the everyday life, especially oil derivatives, and the lifting of subsidy on the ration card, electricity and water gradually. This, if anything, it shows the change in economic policy and ideology, which was adopted by the state for decades and are the most important challenges, which are : -
1: to curb the phenomenon of inflation.
2: high unemployment rates.
3: negative financial management.
4: rehabilitation and operation of government projects.
5: the spread of financial and administrative corruption and economic.
6: increasing phenomenon of external indebtedness.
7: strengthening and expanding the role of the private sector.
1One-to curb the phenomenon of inflation :
The Iraqi economy has suffered and continues to suffer from the effects of the phenomenon of inflation and its negative effects, since 1990 until the present time, where covered the positive effects associated with high prices. Through stability and indicators of inflation data and trends in general indices of consumer prices, in particular in 2005 can be said that the reality of the situation of the Iraqi markets, the price of which will continue the same nature that had prevailed during the past period, as the new markets of the fluctuation and instability of the general level of Las shame consumer, Moreover, the Iraqi economy suffers from multiple problems and different stand in the way of properly predict what would be the price in the first half of 2006 on top of these problems include : -
1- unstable security situation and its implications on the economic situation in general.
2- impact of a rise in prices of imported materials, especially as the demand is still highly dependent on the imported.
3- The state of anticipation of the oil market, which witnessed an increase in demand and prices.
4- expectations on the path of economic reform, particularly concerning the liberalization of prices and the reduction or lifting of support.
5- the accuracy of the data being adopted in the calculation of indices, coverage and representation of the phenomenon. Since this figure is a big challenge because of the calculated based on the adoption of the base year of 1993 is far, which may not reflect the changes in per capita income and development, especially in the past few years. Assuming the continuation of these indicators will rise during the remainder in the first half of 2006, as well as the rise in the prices of the imported because of the high oil prices in international markets and the stability of the exchange rate of the Iraqi dinar against the dollar, leading to increased inflation rate, with reference to historical data for the CPI consumer prices for the second half of 2005 is expected that prices will generally pw the increase came and instability, especially that of inflation range of adverse effects that are detrimental to the economic and social development and thus hamper the achievement of monetary and price stability and the spread of the phenomenon of unemployment in addition to the fuel production capacity idle, resulting in the following :
A - The negative impact of inflation on voluntary savings.
B-inflation leads to the deterioration of the exchange rate of the local currency tends to continuing high prices on the part of the production.
C-inflation leads to weakening the confidence of the individuals in their home currency, which resulted in increased consumption and a strong preference for foreign money.
D-inflation leads to the impossibility of calculating the real costs of future projects, and this is hindering operations planning and implementation.
E-inflation exacerbates the balance of payments deficit because it hinders exports and encourage greater for the imported caused a change in the relative prices of local and imported products.
2- high unemployment rates :
The phenomenon of unemployment in Iraq of important issues as a fundamental problem was the result of economic factors, political and social. The deepened in the recent period after the fall of the former regime, has become a phenomenon that can not be ignored or left to the mechanisms of the free labor market as the high rates of unemployment is one of the means proving the deteriorating economic situation. and that simply means increasing labor-force growth rate higher than the growth rate of GDP.
The survey results showed operating and unemployment conducted by the Central Agency for Statistics during the years 2003, in 2004, in 2005 that the true unemployment rates for both sexes had reached the limits (28.1%). (26.8%) and (31.3%), respectively, in all the governorates of Iraq except the region of Kurdistan for autonomy, This refers to the significant decline in the level of economic activity because of the circumstances and events undergone by the Iraqi economy represented by looting and sabotage that occurred in 2003 and beyondThe high rates of unemployment and underemployment for both sexes approximately (57.4%) and this was in defiance of the Iraqi economy. To demonstrate this challenge here to note that the growth factor flexible work between (0.2 - 0.3) If we assume that the preparation of the strong increase at the rate of (3%) per year, the real growth rate of GDP should range between (10%) to (15%) annually for the purpose absorb the new labor force, this rate requires Astthm lari ranging from (40% to 60%) and the volume of investment can not be achieved in light of the current economic conditions of insecurity and instability. The following are the most prominent factors that led to the aggravation of the phenomenon of unemployment in the Iraqi economy, which is :
1. Low tax and financial resources of the State with the adoption of growth in gross domestic product on oil Namwalasteradat achieved in the production and export of crude oil abroad, which not only employs a simple operation of up to (1%) of the labor force.
2. The lack of a deliberate and effective action against influential unemployment except temporary operating programs, which have become exhausted some grant resources with the introduction of degrees in specific functional activities and government departments such as the health and education sector and higher education.
3. The period between 2003 - 2005 to instability in the security, political and economic addition to the reluctance of reconstruction programs injuries and a number of industrial enterprises and service has negatively affected the Iraqi economy, which led to limited employment opportunities.
4. Limited job opportunities due to the reluctance of the private sector to invest in particular that the private sector is considered the most capable of creating new jobs from the government sector.
5. Difficulties in obtaining foreign currency to import the requirements of production inputs, intermediate Capital suspended from work has increased the problem of unemployment.
6. The acute shortage of essential inputs has deepened the problem of unemployment in particular those relating to the basic supplies such as fuel for the economic installations, water and electricity, transport and the consequent difficulties in this area.
3- negative financial management :
The willful neglect of the former regime of fiscal policy clear Iraq has sought representing the Ministry of Finance to pursue a policy of financial responsibility in the preparation of the budget in 2004 and 2005 based on a base balance. Upon emergence deficit must be temporary and not always be sustained and funded from sources known in advance, without resorting to loans and printing cash, as well as taking into account the balance between consumption and investment rates and the debt to gross national product and the ability of the Iraqi economy to service this debt.
The budget issued in 2004 and 2005 largely dependent on one source of funding which oil revenues. For that Iraq seeks to diversify its revenue and avoid dependence on one source of financing the budget has been : -
• building an efficient taxation system is simple, transparent and strike a balance between easing of the tax burden to encourage investment and maintain good and stable income to finance the budget has been in terms of reducing the proportion of tax revenues to the (15%) at a higher one hand and widening the tax base to include workers in state revenues and reducing only Stthnaouat.
• studying the possibility of introducing a sales tax or value-added tax, which is inclusive, broad base of this budget with additional resources.
• Study gradual easing support prices of commodities and products, particularly the prices of petroleum products and energy to provide resources for the financing of the budget in terms of the rational use and non-settlement prices.
4--rehabilitation and operation of government projects :
It is necessary to reform and rehabilitate the governmental projects, which transformed from the leader of the developmental process of economic and social burden on the State's general budget Fmanshat and public sector institutions are in the majority of loss-making due to the decline in the quality of goods produced compared to the goods imported in addition to being characterized by a few P competitiveness of the commodities, especially that Iraq possesses approximately (192) State-owned enterprises with a total (500000) and a work force that sustains an important part of the population. After the events of April 2003 have suffered a lot of projects from looting and destruction, Most of these projects are out of service suspended, and these projects can be classified into two groups :
1. Institutions and enterprises and companies, which had become a financial burden for the state it is supposed either to settle or to merge with each other to form an integrated units of an economic feasibility and technical view to achieving efficient economic performance required.
Identifying institutions, enterprises and companies that depend on the production requirements of the local raw materials and increasing demand for products such as agricultural products and Petrochemical products, fertilizers, cement and plastic, they are renting or selling them after losing road, could be implemented through the formation of committees in Helloministries concerned to check their accounts and decide on the retention or liquidated.The intent of the policy of sale or lease is the re-examination of policies relating to the ownership of the state of public facilities and means of production and service, as well as the laws governing them and how to implement projects by the State or by the private sector. The reasons for the lease or sale of government projects from an economic perspective can be identified as follows :
A-raise the efficiency of economic projects and increase productivity and competitiveness.
B-contribute to encouraging local investments and Arab and international providing attractive investment climate them.
C-stimulate private savings and directed towards long-term investment in order to enhance the local capital market and the national economy.
D-easing the financial burden on the public treasury obligations of the State to stop providing aid and loans for projects faltering and losing.
E-public economic management projects using modern techniques, including the use of advanced technology in order to enable these projects to find stable markets and the granting of new markets through their ability to compete in global markets.Five-spread phenomenon of administrative and financial corruption and economic :Iraq possesses the economic resources and enormous oil wealth could be vulnerable to the possibility of looting and the government as a form of economic corruption, which is the large scale business or political elites and their impact on the market through the use of a maneuver, improper and illegal to obtain contracts (such contracts for procurement, contracting and Altadiat Foreign Affairs, etc.) in addition to the use of favoritism and Almensobih to obtain preferential treatment in business and tax evasion.The Iraqi people have the right to know what is going on in Iraq by successive governments, and its occupation forces and its financial and related matters is hidden more than this and that we see and we feel the eyes of the world, which is focused follows :
1.The maintenance and development of public money and how to dispose of it where we assume the existence of one central authority dealing with public money and how to develop it and dispose of it for the benefit of society as a whole.
2.The collapse of the organizational structure of the State under conditions of occupation, since April 2003, the organizational structure had collapsed and began the process of dissolution without replacement of public facilities and how to manage and dispose of public money where it found many channels to collect the money from oil revenues, which is supposed to enter into the coffers of the State where it found that there was a wide gap bYen what has been promised and what has been spent in one way or another.
3.There is no economic plan for the state :The lack of follow-up to the business plans of ministries due to a lack of a plan led to a general economic monopoly in the implementation of projects away from the officially-determined criteria which would lead to a lack of follow-up in the mechanism for the disbursement of funds for projects executed away from the financial accounting rules and the feasibility of the proposed projects, which resulted in Balthe result, over the past years to the lack of rehabilitation and rebuilding of the infrastructure or the emergence of new projects implemented offset huge financial expenses.
4.The state's reliance on local expertise and foreign-qualified for leading and organizing the march of the Iraqi economy and regulations and laws linked to wage inappropriate represent a high percentage of the resources of the treasury in addition to the consequences of the allocation of these wages are much higher than those often be spent outside the state more working days, known at home.
5-limited role of the financial control represented poor role the Office of Financial Supervision,The lack of support from the State for the follow-up mechanisms for disbursement methods budgets of ministries and in accordance with regulations adopted led to a lack of clarity on the facts and the lack of transparency.
6-economic corruption phenomenon is the reverse of the administrative and financial corruption as the exacerbation of the three forms of corruption led to the reluctance of the developed countries for the implementation of their projects at home.
7 - insecurity led to instability fact that Iraq has become a theater of war on terrorism as a result of economic rampant corruption in the organs of the state has led to the escalation of violence and insecurity,It is also known by that development and security are two sides of one coin.6-increasing phenomenon of external indebtedness :
The external debt to Iraq, and of the (150-170) billion dollars of the important challenges of economic policy because the Iraqi external debt burden left by the former regime of the Iraqi economy harm him, service and hamper efforts to regain its health and its boost to Iraq seeks seriously and in collaboration with AlmaSsat international financial and in particular (the International Monetary Fund,the World Bank, the Paris Club,the London Club), as well as the efforts made by Mr. James Baker, former Secretary of the United States of America to get the former substantial reductions of debt in the creditor nations.We have expressed many of the creditor countries of the world have expressed their intention of cooperation and negotiation of a substantial reduction of the debt to sustainable levels of the Iraqi economy and the continuity of service without impeding the achievement of high rates of economic growth and continuous, that Iraq is continuing to collect data on the debts and authenticated documents it has sought the help of global accounting company to conduct the examination and reading with creditors prelude to sit down with the Paris Club and London for the second phase.7-strengthening and expanding the role of the private sector :One of the priorities of the economic policy of Iraq at the present time is to energize and expand the role of the private sector as one of the effective means to activate the Iraqi economy and achieve economic growth and create employment opportunities has taken several steps in this direction, including :
Iraqi •Companies Act to facilitate the establishment of companies to simplify registration procedures and organization of work.• sound financial well-functioning and efficient in the area of investment,this is the environment in a partnership between the government and private sector participation, adding that the risks run by those who are able to • of hesitation and fear of the private sector, the government should implement policies that are credible and to do everything possible to minimize the risk of business,therefore requires investments in physical capital and human capital.• tax system, reducing tax revenues, leaving a larger share of economic units have to invest in new projects and expansion of existing projects. • commercial banks and private organizations to expand the granting of credit facilities and loans in the local currency and foreign expansion of the activities and the activities of special projects.• to international financial institutions, urging them to provide loans and assistance to support private sector projects.• consideration of the role of the public sector which has expanded significantly over the previous three decades despite its public companies from the weakness and inefficiency in the management and use of public funds and uses several ideas for dealing with public companies after rehabilitation to serve the Iraqi economy and activating the private sector.

Translated version of http://www.uruklink.net/

Hope this made some sense to somebody and again I apoligize for how long this is.

Cheers!
DayDream

that this diversity of the economy will provide protection against natural phenomenon, He spoke of this phenomenon when the exploitation of natural resources such as oil, for example, increased exports to the rise in the value of the local currency, which makes national industry less competitive and as a result increase imports and lower exports of non-natural products

this part popped out at me, to me it's saying that a rise in the value will help bring even more revenue from the oil?

2007Iraq to allow international companies to establish production lines and new equipment in 2007

The Ministry of Oil to allow several international companies for a number of building projects refineries and production units in different regions of Iraq, where will direct in these projects at the beginning of the next year. The number of oil and gas fields discovered in the whole country about 520 up, They contain large quantities and feasible for use. One of the officials at the Oil Ministry that the ministry was about to refer the project to build refinery Karbala The capacity of about 140 thousand barrels per day, Cui and refinery in the northern region capacity up to 70 thousand barrels per day, also, in addition to the productivity and unit-Dawra refinery capacity of 70 thousand barrels per day to a number of international companies during 2007. The official added that 2008 would witness the inauguration of another unit of the refinery capacity is expected to reach 70 thousand barrels per day and the 70 thousand barrels of Basrah refinery, pointing out that the completion of these projects will contribute effectively in the provision of oil products and used in large quantities to be imported from Iraq's neighboring countries, and in large amounts. As for the discovered fields, The Oil Ministry announced the discovery of about 520 oil and gas fields Gazia in different regions of the country. and she had prepared a plan to invest in large part in the next stage, as it now invest up only about 20

جريدة المواطن العراقية

The Foreign Affairs Committee of the Dutch Parliament following its meeting yesterday. wait until after the parliamentary elections which starts tomorrow, Wednesday, and the postponement of meetings within the Council to discuss the file officers Dutch involvement in the torture of Iraqis in a prison in the Iraqi province of Muthanna, the region which hosts the 1300 Dutch soldier who participated in the international forces to maintain stability in Iraq. in the aftermath of the fall of the regime of former Iraqi president. .The proposals from the parties, the leftist Greens and de «66» had to convene an emergency session of the parliament on Monday or Tuesday. to discuss this case. The opposition Labor Party proposed to hold an emergency meeting on the matter next Thursday. .The PA decided to accept the proposals and new questions about the file of the members and ask the government to respond to them, The building will be determined later by the emergency meeting to discuss the issue. .On the other hand, Brussels yesterday saw the start of the first round of negotiations between Iraq and the European Commission; , which is the executive body of the European Union. .Participated in the negotiations on the European side of the European Commissioner in charge of Foreign Affairs Benita Waldner, The High Commissioner for Trade Peter Mandlsson, The Iraqi side stream is represented by Deputy Prime Minister and Trade Minister Barham Salih, , who is currently paying a visit to Brussels. وفي ».In this regard Waldner said hours before the first round of negotiations, it represents an important stage in relations between Europe and Iraq, they reflect the continued support of UNHCR «for the political process in Iraq». ».She Waldner «in order to achieve the desired objectives of this Convention, including, we must create a climate of stability and security in Iraq ».
».For his part, Peter Mandlsson stressed the importance of reaching such an agreement at the end of negotiations. «and that creating an appropriate framework for trade relations between Brussels and Baghdad is only a step on the road to help Iraq to follow the difficult path towards stability».
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